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(3) Where the Commissioner is satisfied that by reason of the limited extent of the business transacted in the Colony by a non-resident insurance company it would be unreason- able to require the company to furnish the particulars necessary for the application of sub-sections (1) and (2), he may, notwithstanding the provisions of those sub-sections, permit the profits of the company to be ascertained by reference to the proportion of the total profits and income of the company corresponding to the proportion which its premiums from insurance business in the Colony bear to its total premiums, or on any other basis which appears to him to be equitable.

(4) For the purposes of this section investment income of the Life Insurance Fund" means, in the case of a com- pany whose sole business is life insurance, the whole of its income from investments, and, in the case of any other company, such part of its income from investments as appears fairly attributable to its life insurance business.

Ascertain- ment of

24.—(1) Where a body of persons, whether corporate or unincorporate, carries on a club or similar institution and income of receives from its members not less than three-fourths of its clubs, trade

associations, gross receipts on revenue account (including entrance fees etc. and subscriptions), it shall not be deemed to carry on a business; but where less than three-fourths of its gross receipts are received from members, the whole of the income from transactions both with members and others (including entrance fees and subscriptions) shall be deemed to be receipts from a business, and the body of persons shall be chargeable in respect of the profits therefrom.

(2) Where a body of persons, whether corporate or unincorporate, carries on a trade association, chamber of commerce, or similar institution in such circumstances that more than half its receipts by way of entrance fees and subscriptions are from persons who claim or would be entitled to claim that such sums were allowable deductions for the purposes of section 16, such body of persons shall be deemed to carry on a business, and the whole of its income from transactions both with members and others (including entrance fees and subscriptions) shall be deemed to be receipts from a business, and the body of persons shall be chargeable in respect of the profits therefrom.

(3) In this section, members, in relation to a body of persons, means those persons who are entitled to vote at a general meeting of the body at which effective control is exercised over its affairs.

25. There shall be deducted from any profits tax payable Deduction under this Chapter in respect of any trade, profession or Tax from

of Property business the amount of any property tax payable under Profits Tax. Chapter II of this Ordinance in respect of any land and/or buildings owned by such trade, profession or business.

excluded

26. For the purposes of assessment the dividends of a Certain corporation, which is subject to tax under this Chapter, shall dividends not be included in the profits of any other person for the from purposes of taxation under this Ordinance.

assessment

of profits.